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Nobody?
It can happen. FHA will go that low and you'll be fine with it
If you have an AUS approval then you should be good to go.... While not a 100% guarantee, it's the next best thing to an U/W's "Final Approval"
Thanks,
Thanks for the replys. Just got an email from the lender saying they have the conditional approval, and waiting on the processor to email me with the conditions.
I am super excited, but I am a nervous/anxious person. Hopefully this goes smoothly!
Stogieman~CONGRATS thus far. Tell us where you started and how the process went. Did you line up your own appraiser orr did the mortgage company? Did you have an idea of what the value would be? How much debt did you have to pay off with this loan and what is your interest rate? Good luck to you!!
@damnedanddetermined wrote:Stogieman~CONGRATS thus far. Tell us where you started and how the process went. Did you line up your own appraiser orr did the mortgage company? Did you have an idea of what the value would be? How much debt did you have to pay off with this loan and what is your interest rate? Good luck to you!!
^^^For mortgages, the lender lines up the appraiser. The buyer does not pick out the appraiser at all, under any circumstances. The appraisal is to protect the lender. The buyer pays for the appraisal but the appraisal belongs to the lender.
Long story, but I have held this home for 9 years. It was a foreclosure that needed repair when I bought it so I knew it would make money. IN the past years I had medical issues that got be behind, and well I have been caught up for about 2 years.
I honestly didn't think anyone would touch me until I got to 620(Quicken told me no until I hit that), but one day I just figured I'd try lending tree. It matched me with Pacific Union Mortgage. I called and they ran everything and it came back approved at 75% LTV. I was shocked really. The thing that turned me off is she kept pressing HARD for $540 for an appraisal that she wanted me to pay right then. I was concerned about the loan making it through UW. The next day after a friend suggested it, I called a local broker. He ran things through and again said approved at 75% ltv max. He agreed to get the conditional approval before I paid for the appraisal, so I went with him.
Well the LO from Pacifc called telling me she can get me 80% ltv because of a "new program"(Sounds fishy).....I am trying to get as much cash as I can, but I was still concerned about the upfront payment so I declined. I asked the broker if her could go 80 and he said yes eventhough he told me no originally. I proceed and wait. Well he sent me the conditional approval, at 75% which he submitted prior to telling me he could do 80%,and wouldn't you know it the loan is with Union Pacific.
What do you think the chances are they are actually going to get me 80%?
@StartingOver10 wrote:
@damnedanddetermined wrote:Stogieman~CONGRATS thus far. Tell us where you started and how the process went. Did you line up your own appraiser orr did the mortgage company? Did you have an idea of what the value would be? How much debt did you have to pay off with this loan and what is your interest rate? Good luck to you!!
^^^For mortgages, the lender lines up the appraiser. The buyer does not pick out the appraiser at all, under any circumstances. The appraisal is to protect the lender. The buyer pays for the appraisal but the appraisal belongs to the lender.
Correct The lender uses a blind third party. I used to be in the mortgage industry years ago, so I have a feel for how it will go though. I pulled 2 sales on my road, and one on the only other street in the subdivision(small sub division) All houses I can see from my driveway and all match my house almost to a T. These sales are in the last 4 months with one being less than a month old(the highest too!) One was 206,500 the other 215,500 and the other 218,500. I would guess they would bring me in around 215-218.